Bids have been received for the purchase of Reading Eagle Company, the Reading Eagle reported. The family-owned company filed for chapter 11 protection, saying that its financial situation had become untenable. It has continued to operate while a search was undertaken for a buyer. According to the company's plan for sale, which was approved by a federal bankruptcy judge last month, a minimum bid amount was set at $5 million and bidders needed to submit a deposit of 10 percent of their bid. The sale plan also called for potential bidders to provide various documents and verifications — including tax returns, current financial statements or bank account statements — proving they have the financial capacity to make the transaction. Potential buyers also had to sign confidentiality agreements to receive information about the company.
